HSBC ends the year with management reshuffle
(10 December 2019 – Global) HSBC is revamping its senior management ranks as interim chief executive Noel Quinn continues to put his stamp on the bank in the hopes of retaining the top job permanently.
On Monday, HSBC said that Marc Moses, the group chief risk officer and one of only four executives to sit on the bank’s board of directors, will step down from his roles at the end of the year and be replaced by Pam Kaur, head of wholesale market and credit risk. He will officially retire from the bank on December 9, 2020.
The bank’s group chief operating officer, Andy Maguire, will retire at the end of January and Sami Assaf, the long-time head of HSBC’s investment bank, will take a new position as chairman of the bank’s corporate and institutional banking business.
John Hinshaw, a former Hewlett Packard Enterprise executive, will join as group chief operating officer designate on Tuesday. Georges Elhedery, head of global markets, and Greg Guyett, head of global banking, will replace Mr Assaf as co-heads of the global banking and markets business.
Mr Quinn was named interim CEO in August and has been moving to restructure the banks operations as part of his efforts to “remodel” Europe’s largest bank by assets. He replaced John Flint, who was ousted after 18 months in the top job.
At the time of Mr Flint’s departure, HSBC chairman Mark Tucker said a “different approach” was needed to navigate the “complex and challenging global environment” the lender was facing. Mr Quinn is the only internal candidate in a search that is expected to take six to 12 months in total.
In the third quarter, Mr Quinn singled out the bank’s business in continental Europe, the US and the non-ring-fenced bank in the United Kingdom as not having “acceptable” performance in the third quarter. The global banking and markets segment reported a 32 percent drop in pre-tax profit in the quarter.
Mr Quinn has previously said he would accelerate efforts to cut costs and shift capital to more profitable business lines or regions, but has declined to discuss his plans until he reveals the bank’s updated strategic plan, which is expected before HSBC reports its annual results in February.
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